On January $1,2015,$ John Doe Enterprises $($JDE$)$ acquired a $55\%$ interest in Bubba Manufacturing, Inc. $($BMI$).$JDE paid for the transaction with $$3$ million cash and $500,000$ shares of JDE common stock $($par value $$1\mathrm{.}00$ per share$).$At the time of the acquisition, BMI's book value was $$16,970,000.$

On January $1,$ JDE stock had a market value of $$14\mathrm{.}90$ per share and there was no control premium in this transaction and the purchase price of the $45\%$ is $$8,550,000.$Any consideration transferred over book value is assigned to goodwill.$$BMI had the following balances on January $1,2015.$

BMI had the following balances on the acquisition date where BV differed from FMV

$$Book $$ FMV

Land $$$$1,700,000$ $$2,550,000$

Buildings $(7$ year life$)2,700,0003,400,000$

Equipment $(5$ year life $3,700,0003,300,000$

The following account balances are for the$$year ending December $31,2015$ for both companies.

$$

John Doe

Bubba

$$

Enterprises

Manufacturing

Revenues

$$(298,000,000)$

$$(103,750,000)$

Expenses

$271,000,000$

$95,800,000$

Equity in income of Bubba Manufacturing

$(4,361,500)$

$0$

Net income

$$(31,361,500)$

$$(7,950,000)$

$$

$$

$$

Retained earnings, January $1,2015$

$$(2,500,000)$

$$(100,000)$

Net income $($above$)$

$(31,361,500)$

$(7,950,000)$

Dividends paid

$5,000,000$

$3,000,000$

Retained earnings, December $31,2015$

$$(28,861,500)$

$$(5,050,000)$

$$

$$

$$

Current Assets

$$30,500,000$

$$20,800,000$

Investment in Bubba Manufacturing

$13,161,500$

$$

Land

$1,500,000$

$1,700,000$

Buildings

$5,600,000$

$2,360,000$

Equipment $($net$)$

$3,100,000$

$2,960,000$

Total assets

$$53,861,500$

$$27,820,000$

$$

$$

$$

Accounts payable

$$(3,100,000)$

$$(4,900,000)$

Notes payable

$$

$(1,000,000)$

Common stock

$(2,900,000)$

$(6,000,000)$

Additional paid$-$in capital

$(19,000,000)$

$(10,870,000)$

Retained earnings, Dec. $31,2015($above$)$

$(28,861,500)$

$(5,050,000)$

Total liabilities and stockholders$$ equity

$ $(53,861,500)$

$$(27,820,000)$

$$

What are consolidated expenses?

What is the amount for consolidated land $?$

Determine the amount of goodwill?

What is the amount of Non$-$controlling interest that will appear on the consolidated balance sheet? Hint: the total of the non$-$controlling interest column?

$$What is the amount of consolidated equipment $($net$)?$

What are consolidated revenues?

What is the Net Income of the Non$-$Controlling interest $?$